Perella Weinberg Partners (NASDAQ:PWP) Sets New 1-Year High – Here’s Why

Perella Weinberg Partners (NASDAQ:PWP)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $25.84 and last traded at $25.76, with a volume of 272580 shares changing hands. The stock had previously closed at $25.05.

Wall Street Analysts Forecast Growth

Separately, JMP Securities lifted their price target on Perella Weinberg Partners from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 9th.

Perella Weinberg Partners Price Performance

The stock has a market capitalization of $2.17 billion, a PE ratio of -10.65 and a beta of 1.49. The company’s 50 day moving average price is $20.82 and its two-hundred day moving average price is $18.12.

Perella Weinberg Partners (NASDAQ:PWP) last released its earnings results on Friday, November 8th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. The business had revenue of $278.20 million for the quarter, compared to analyst estimates of $196.42 million. Perella Weinberg Partners had a negative net margin of 11.09% and a negative return on equity of 295.65%. The business’s revenue was up 100.1% on a year-over-year basis. During the same period last year, the company posted $0.12 EPS.

Perella Weinberg Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Wednesday, December 4th. Perella Weinberg Partners’s payout ratio is currently -11.81%.

Insiders Place Their Bets

In related news, CEO Andrew Bednar sold 300,579 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $24.48, for a total value of $7,358,173.92. Following the transaction, the chief executive officer now directly owns 566,386 shares in the company, valued at approximately $13,865,129.28. This represents a 34.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Dietrich Becker sold 442,889 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $24.48, for a total value of $10,841,922.72. Following the sale, the president now directly owns 379,140 shares of the company’s stock, valued at approximately $9,281,347.20. This trade represents a 53.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 43.53% of the company’s stock.

Hedge Funds Weigh In On Perella Weinberg Partners

A number of hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in Perella Weinberg Partners by 27.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,212 shares of the company’s stock valued at $215,000 after buying an additional 3,237 shares during the period. Swiss National Bank lifted its holdings in shares of Perella Weinberg Partners by 13.4% in the 1st quarter. Swiss National Bank now owns 90,400 shares of the company’s stock worth $1,277,000 after acquiring an additional 10,700 shares during the last quarter. Sei Investments Co. boosted its position in shares of Perella Weinberg Partners by 9.4% during the 1st quarter. Sei Investments Co. now owns 83,735 shares of the company’s stock worth $1,183,000 after purchasing an additional 7,203 shares during the period. Bleakley Financial Group LLC increased its holdings in Perella Weinberg Partners by 21.2% in the 1st quarter. Bleakley Financial Group LLC now owns 22,502 shares of the company’s stock valued at $318,000 after purchasing an additional 3,930 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Perella Weinberg Partners by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,491,989 shares of the company’s stock valued at $35,212,000 after purchasing an additional 155,855 shares during the period. 41.07% of the stock is currently owned by hedge funds and other institutional investors.

About Perella Weinberg Partners

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, and financing and capital solutions advice with resources focused on restructuring, liability management, and capital markets advisory, as well as underwriting and research services primarily for the energy and related industries.